MARKET MACHINE.docx
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MARKET MACHINE.docx
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MARKETMACHINE
MARKETMACHINE
href="#"> ForChina,aftermorethan30yearsofmarket-orientedreformsandadecadeofWTOmembership,thefightforstatusasamarketeconomyhasstillbeenatoughbrawl. Overthepastthreedecades,Chinahasimpressedtheworldwithsignificantprogressinmarket-orientedreforms.Sofar,97WTOmembershavegrantedChinamarketeconomystatus. Butitsmajortradepartners,suchastheEuropeanUnion(EU),theUnitedStates,JapanandIndia,arestillhesitanttofollowsuit. It’sreallyamatteroftimebeforeChinawinsthestatus.BasedonWTOrules,China’sfullmarketeconomystatuswillautomaticallyberecognizedby2016.Earlyrecognitionwouldprovidereliefforthecountry’sexportersreelingfromgrowingtradedisputes. “WesterncountrieshavebeenusingthemarketeconomystatustopracticetradeprotectionismagainstChina,”saidSongHong,aresearcherfromtheInstituteofWorldEconomicsandPoliticsundertheChineseAcademyofSocialSciences(CASS). Chinahasbeentheworld’sbiggesttargetofanti-dumpingmeasuresforthepast16years.In2010,Chinaunderwent23antidumpingprobes,makingup33percentoftheworld’stotal,accordingtodatafromtheMinistryofCommerce. Dumpingisdeterminedinoneoftwoways: Eitheracommodityissoldabroadatapricelowerthanthepriceathomeorlowerthanitsproductioncosts. SinceChinahasnotbeenconsideredamarketeconomybyWesterncountries,thecostsinChinesemarketsareregardedasunreliableandarethereforenotusedforcalculatingdumpingmargins. Instead,Westerncountriesselectthepricesofasubstitutecountry―oftenwithmuchhigherproductioncoststhanChina,makingChinesecompaniesvulnerabletoantidumpingandanti-subsidyinvestigations. “ThelowpricesthatChineseexporterschargereflecttruemarketconditionsinlowcostChina,anddonotresultfromsubsidiesandotherdistortionstypicalofacommandeconomy,”saidSong. Theso-calledtechnicalcriteriaofWesterncountrieshavebeenanobstacleforChina,saidChina’sViceForeignMinisterFuYing. Strictlyspeaking,severalothercountriesthattheEUhasrecognizedasmarketeconomies,evensomeEUmembers,havefailedtofullymeetthesecriteria,saidFu. TheEUshouldtreatChinafairlyonthemarketeconomystatusissue,shesaid. “TheUnitedStatesusesChina’smarketeconomystatusasabargainingchiptopressChinatocompromiseonissuessuchastheyuanexchangerateagainsttheU.S.dollarandU.S.Treasurysecurities,”saidHeWeiwen,anexecutivedirectoroftheChinaSocietyforWTOStudies. TheUnitedStatesin2002recognizedRussiaasamarketeconomy,thoughitstillhasnotobtainedWTOmembership,hesaid. Accordingtothe2011IndexofEconomicFreedomcompiledbytheHeritageFoundation,ChinarankedwellaheadofRussia. “TheconfusingmarketeconomystatusstandardsofWesterncountrieshavecauseddisruptionstoChina’sforeigntrade,”saidMeiXinyu,anassociateresearchfellowwiththeChineseAcademyofInternationalTradeandEconomicCooperation. “WhethertheEUgrantsChinamarketeconomystatusismoreanissueofpoliticalattitudethanofsubstantialsignificanceforeitherside,”Meisaid. ZhangYansheng,aresearcheroftheAcademyofMacroeconomicResearchundertheNationalDevelopmentandReformCommission,saidnocountrytodaycouldbedefinedasapuremarketeconomy. “ButiftheEUandtheUnitedStatescanrecognizeChinaasamarketeconomyaheadofthe2016deadline,itwouldhelppropeltheirclosercooperationintradeandinvestmentwithChina,”Zhangsaid. China’sstrides Amarketeconomyischaracterizedbyfreemarketswheresupplyanddemanddeterminetheallocationofresourcesandthepricesofgoodsandservices.Bycontrast,inanonmarketeconomy,thegovernmentdecideswhattoproduce,thequantityandtheprices. BoththeUnitedStatesandtheEUpointedtogovernmentinterventionandlegacyofacommandeconomyasamajorreasonfornotrecognizingChina’smarketeconomystatus. TheU.S.DepartmentofCommercesaidtheChineseGovernmentremainsdeeplyentrenchedinresourceallocationatalllevels.Thegovernment’scontinuedroleintheallocationoffinancialresourcesindicatesthatitexertssignificantleverageovertheallocationofresourcesintheeconomyasawhole. TheEuropeanCommissionalsosaidinareportin2008thatthecriteriaChinahasyettomeetincludelessprogressinreducingthestate’sroleinprice-settinginsectorslikeenergy. ChenDeming,MinisterofCommerce,saidChinaandtheWesthavedifferentunderstandingsonmacroeconomiccontrolsovertheirmarketeconomiesbecausetheyareatdifferentstagesofdevelopmentandhavedifferentconditions. ButapersistentdeclineinstatecontrolandadecreaseintheuseofmandatoryplanningmechanismshavereallyhappenedintheChineseeconomy. In2008,China’sgovernmentrevenuesaccountedfor21.8percentoftheGDP,comparedwith26.9percentoftheworld’saverage,accordingtoAReportontheDevelopmentofChina’sMarketEconomy2010publishedbytheSchoolofEconomicsandResourceManagementatBeijingNormalUniversity. Theonce-dominantstate-ownedsectorisshrinkinginrelativetermsandthegrowingprivatesectorisbecomingincreasinglyproductiveandprofitable.Privatecompanieshaveplayedadominantroleintelecomequipment,homeappliances,miningandothersectors. “PrivatebusinessesnowmakeupmorethanhalfoftheChineseeconomy,andprovideatleast70percentofjobs,”saidHuangMengfu,ChairmanoftheAll-ChinaFederationofIndustryandCommerce. Businessvitalityhasalsobeenstimulatedbytransforminginefficientstate-ownedenterprises(SOEs)intoshare-holdingcompanies.Dataofthereportshowed988ofthe1,293largeSOEs,or77percent,hadbeenrestructuredintocorporateenterpriseswithmultipleshareholdersby2008. Corporategovernancewasfurtherimprovedthroughfourmajormechanisms: boardofdirectors,executivecompensation,ownershipstructureandfinancialtransparency.In2008,amongthe988restructuredlargeSOEs,91.52percenthadestablishedshareholders’meetings,95.34percentsetupaboardofdirectorsand80.87percenthadtheboardofsupervisors. Thesereformswereaccompaniedbyanunprecedentedopeningtotheoutsideworldinsearchofexportmarketsandnecessaryforeigninvestments,technologyandmanagementknow-how. AspartofChina’sWTOcommitment,thecountryallowedforeigninvestorsintoaseriesofformerlystate-controlledareas,suchasfinance,banking,insurance,securitiesandhealthcare. Thesocietyhasbecomemorefluidanddynamicthaneverbefore,featuringgreatersocialandgeographicalmobilityandhorizontalintegration.Workersaregaininggrowingrightswithrespecttocompensationandchoiceofemployment.Newspapersareusuallyfilledwithreportsthatmanufacturersineastcoastalregionsarefindingitdifficulttohireenoughemployeesasworkersdemandhighersalaries. ZhuangJian,chiefChinaeconomistwiththeAsianDevelopmentBank,saidChinahaslargelybecomeamarketeconomywithpricingofmostproductsinthehandsofthemarket. “SincejoiningtheWTO,thecountryhasalsodrasticallyreducedimporttariffs,liberalizedforeigntrade,whiletakingsolidstepstotightencorporatelaws,improveitsinvestmentenvironmentandprotectintellectualpropertyrights(IPRs),”hesaid. XuHongcai,aneconomistwiththeChinaCenterforInternationalEconomicExchanges,saidWesterncountriesshouldtakeaccountofChina’saccomplishmentsin marketopennessandshouldnotgiveunreasonablecriticism. ThediscriminationwouldonlydealaheavyblowtotheirtradewithChina,headded. Thewayahead DespitetheprogressChinahasmadeinmarket-orientedreforms,itcertainlyhasroomforimprovement. “China’smarketreformsarestillfarfromover,”saidFanGang,DirectoroftheNationalEconomicResearchInstitute.“Tobuildamodernmarketeconomy,Chinastillneedstofurtheropenupitsfinancialindustry,repairthesocialsafetynet,andestablishtheruleoflaw.” “Learninglessonsfromthe2008financialcrisis,Chinashouldalsostrengthenmarketsupervisionandmacroeconomiccontrolstoavoidmarketimbalance,”headded. “Thecountryshouldmakestiffeffortstodeepenreforminaseriesofstatemonopolizedsectorslikeenergyandtelecommunicationsandfosterfaircompetition,”saidZhuang. Effortsareinfactalreadyunderway.Forexample,thegovernmentinearly2009decidedtoadjustretailfuelpriceswhenworldcrudeoilpriceschangedbymorethan4percentover22straightworkingdays.Thiswasaremarkablebreakfromamoreorlessrigidpricingschemetowhichthegovernmentmakesirregularandinfrequentchanges. Meanwhile,highlyconcentratedshareholdingsremainahindrancetotheimprovementofcorporategovernance.TheCASSconductedasurveyofthetop100listedChinesecompaniesin2010,andfoundmostofthemdeliveredimprovedperformanceininformationdisclosure,riskcontrolandassetmanagement.But71percentofthemhadtheirfivelargestshareholdersholdingmorethanhalfoftheirassets,slightlylowerthanthatof77percentin2009. “Suchashareholdingstructuremakesitdifficulttosafeguardinterestsofsmallerinvestors,andmayeasilydetermergersandacquisitions(M&As),”saidZhangZhengjun,aresearcherattheDevelopmentResearchCenteroftheStateCouncil. “OnesolutionistopropelshareholdingdiversificationofSOEs,suchasintroducingstrategicinvestors.”addedZhang. FengBing,ExecutiveDeputyDirectoroftheChinaEnterpriseConfederation,pointedou
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